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Japan: Govt Adopts Stimulus Measures
Source: yomiuri.co.jp
Source Date: Saturday, October 27, 2012
Focus: Institution and HR Management
Country: Japan
Created: Nov 01, 2012

The government at a Cabinet meeting on Friday adopted the first round of economic stimulus measures featuring 392.6 billion yen in spending from reserves set aside under the fiscal 2012 state budget.

Total spending, including that of local governments and the private sector, will top 750 billion yen.

Prime Minister Yoshihiko Noda instructed Cabinet ministers last week to compile economy-boosting measures to cope with growing uncertainties over the economy.

The government plans to work out the second round of measures to shore up the economy by the end of November, including regulatory reforms and financial assistance for small businesses.

At Friday's Cabinet meeting, Noda said the government "will accelerate efforts to help Japan recover from deflation soon and revitalize its economy."

The first round of measures is expected to increase the nation's real gross domestic product for fiscal 2012 by slightly more than 0.1 percent and create 40,000 new jobs, Chief Cabinet Secretary Osamu Fujimura told a news conference.

The first package highlights steps for three priority areas under the government's economic revitalization strategy adopted in July. The three areas are energy and the environment, health and welfare, and agriculture, forestry and fisheries.

The package also includes measures to support the reconstruction of areas devastated by the March 11 earthquake and tsunami last year.

Specifically, 25.1 billion yen will be used as subsidies to promote purchases of home-use fuel cells, 16 billion yen for the construction and improvement of processing facilities for farm produce, and 2 billion yen for research on regenerative medicine using induced pluripotent stem, or iPS, cells.

Meanwhile, 120.3 billion yen in subsidies will help rebuild plants and retail facilities damaged by the March 2011 disaster.

About 45.4 billion yen will finance the improvement of roads, ports and river facilities to minimize damage from floods stemming from sudden heavy rains.

In addition, 20 billion yen will be spent to repair and strengthen aged school buildings and 17 billion yen to procure new patrol boats and helicopters for the Japan Coast Guard to help beef up its patrolling activities in territorial waters near the Senkaku Islands and Takeshima islands.
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